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Business Business: Market Business: Energy

Chesapeake shares improved Thursday

FROM STAFF REPORTS • Modified: May 3, 2012 at 11:18 am • Published: May 3, 2012

Chesapeake Energy Corp.'s stock rebounded Thursday, closing up 45 cents, or 2.7 percent, to $17.19 a share.

Chesapeake's stock dropped to its lowest level in three years Wednesday after reporting lower-than-expected earnings and news that CEO Aubrey McClendon had operated a hedge fund inside the company.

On Thursday, Bernstein upgraded the stock from underperform to outperform, expecting the company's current issues to be resolved.

The stock closed Wednesday at $16.74 a share, down $2.86. The drop erased $1.8 billion from the company's value.


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